Frigoglass reports lower results in H1 2016

Frigoglass SAIC on Thursday reported losses of 25.128 million euros in the first half of 2016. Group sales amounted to 239.7 million euros in the January-June period, down 9.6 pct compared with the same period last year, while EBITDA fell 11.1 pct to 28.04 million euros and adjusted net results showed a loss of 8.835 million euros from a loss of 3.96 million euros last year.

The group said a recovery in West European markets continued helped by increased demand for professional coolers ICOOL from Coca Cola bottlers (+27 pct compared with last year), but the market fell in Russia, while a currency devaluation in Nigeria hit the glass sector.

Nikos Mamoulis, chief executive of Frigoglass, commenting on the results said that the group decided to change its operating model in Asia, a move which will allow the improvement of the production base in the region, reducing costs and strengthen competitiveness in the long-term. Mamoulis said that the rest of the year, a weak commercial environment in Russia and adverse currency fluctuations will continue affecting Frigoglass' results.

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